Another Run Down On My Daytrading Strategy Highly EffectiveE-mini Dow Jones Industrial Average Index FuturesCBOT_MINI:YM1!FOMC_GodI want to walk through another month on how I go about trading to both help others and to solidify my own understanding of the process. Every month using the daily chart, there are roughly 20 daily bars. Every month has a beginning, end and an open. I am not interested in the close because it is irrelevant. My daytrading strategy is to trade the monthly bar, using the daily candlesticks. I am a 15 minute chart trader that happens to use the daily chart within the monthly candle. Once you understand this dynamic, trading becomes a whole lot easier. The monthly open, I mark in orange every month Each daily candle open, I mark in cyan blue every day Step One: Mark the vertical lines in black seperating the start and end of the month Step Two: Let the first trading day of the month unfold. DO NOT TRADE. Mark the monthly open. See what happens. Gather information. Step Three: Figure out what dates for NFP, CPI and FOMC Step Four: On the hourly chart, mark every daily start with a thin blue vertical line Step Five: The hardest part, LIVE TRADING, day by day. Only trade the New York session and ONLY after the first two, 15 minute candles (30 minutes) after the open. There are only two setups to go for. Either a High of Day/Low of Day Reversal or a trend continuation setup. The stop loss placement is a fixed tick stop based on ATR. In the case of August, I was using a 125 tick stop. The target is a fixed 2 to 1. In this case it was 250 ticks. I will hold trades overnight and throughout the weekend until either my stop or target is hit. There is roughly 20 trading days in a month. At one trade per day max and skipping no edge days, I try to place 10-14 trades per month. I try to aim for a 50-60% win rate using 2 to 1. Below is examples of 11 trades in August that meet my criteria for a trade and these are trades that I have taken myself Reversals: Must be AT/NEAR the High of Day/ Low of Day 30 minutes after NY open Continuations: Must be AT/NEAR the 20sma 30 minutes after the open Out of these 12 trades, there was a total of 24R available. Let's say you mucked up a couple and only won half. 6 winners, 6 losers. You made 6R this month. Not bad. I want you to really study these setups and make them your own. I follow this same system month in, month out. Every month there is always 10-14 great New York session trades 30 minutes after the open. Looking ahead in September, I have drawn out the backbone structure of the month. I do not know yet the monthly open as I wait until the first trading day is done. This is for demonstration purposes only. Your job as a trader is to take the best 10-14 New York trades, 30 minutes after the open. Use strict 2 to 1 and hold until either stopped out or target hit. No breakeven shenanigans. Take the loss like a man. Risk 1.5-2% per trade. Take only one trade per day, win or lose that's it. I can show you the rules to the game, but it is up to you to practice how to play. I can't show you the mental side of things. That takes time. Figure out your weak points and work on them. Patience, Discipline and Strict Risk Management.